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The U.S. Securities and Exchange Commission (SEC) has said that "these fraudulent schemes involve the purported issuance, trading, or use of so-called 'prime' bank, 'prime' European bank or 'prime' world bank financial instruments, or other 'high yield investment programs.' (HYIP's) The fraud artists ... seek to mislead investors by suggesting ...
A sucker list is a list of people who have previously fallen for a scam such as a telemarketing fraud, lottery scam, high-yield investment program, get-rich-quick scheme, or work-at-home schemes, or, as used by charities, someone who made a donation. The lists are usually sold to scammers or charities. [1] [2] [3]
They use vague verbal guises such as "hedge futures trading", "high-yield investment programs", or "offshore investment" to describe their income strategy. It is common for the operator to take advantage of a lack of investor knowledge or competence, or sometimes claim to use a proprietary, secret investment strategy to avoid giving information ...
All investments carry some degree of risk, but there's a distinct line between a risky investment and a downright scam. Unfortunately, scams are prevalent. According to data from the Federal Trade...
“Investment scams always promise high, unrealistic returns with little or no risk,” McGlynn said. “Remember that if an offer seems too good to be true, the chances of it being true are remote.
Scams and fraud can come in the forms of phone calls, online links, door-to-door sales and mail. Below are common scams the New Jersey Department of Consumer Affairs warns of. Common phone scams:
In 19th century New York, mock auctions revolved around the sale of cigars, horses and high quality furniture. [1] In Denver, confidence man Soapy Smith and his Soap Gang auctioned off shiny brass watches as being made of gold. Other items were soap and candy wrapped with cash prizes. [2]
Social media is full of scammers promising guaranteed returns on investment, and consumers lost billions of dollars to them last year. Troy Gochenour, 50, of Columbus, Ohio, was conned out of ...